In the past few years, bank customers choose a bank on a variety of factors like quality of service, speed, online banking experience, availability, and the user interface of the mobile banking app.
The banking industry has witnessed a game-changing surge in its mobile banking solutions and this is due to the spread of a pandemic that drove online payments & mobile usage. According to data, in 2020, new mobile banking registrations saw a 200% spike, while mobile banking traffic saw an 85% increase.
But the question comes – how can a mobile banking application be developed to get customers’ trust? Well, in this article, we’ll go over the main stages of creating a mobile banking supplication that will help your business thrive.
Main Stages of Creating a Mobile Banking Application
Highlight the most important features
Approximately 90% of mobile banking users check account balances, over 60% pay bills and move money between accounts. Moreover, about 40% send money to others and check statements. This data is according to a report by Cornerstone Advisors and Mitek.
The most desired features that customers want in banking apps are listed below:
- Mobile check deposits
- P2P mobile payments
- Cardless ATMs
- Budgeting tools
- Credit score information
- Tap-to-call customer service
The features you choose for your banking apps should always be dependent on your target audience, their age, lifestyle, position, and other factors.
Let’s take, for example, the demand for functionality may be strongly dependent on the age of the user – this may increase or decrease based on age. According to data, person-to-person (P2P), mobile payments are significant for 58% of users below the age of 40 and only 27% of those 56 years of age or above. Budgeting tools, customer service tap, picturing bill pay, etc., all show a considerable difference.
Therefore, when creating a list of essential features, keep your target customers in mind.
Consider adding more mobile banking features
During the process of creating a mobile banking application, you will need to specify what features can help your mobile banking system uniquely develop from the rest, while also adding value to end-users to make it more engaging for clients. Added features are just as crucial as basic features because they round out your marketing strategy/plan.
When brainstorming on the list of additional features to include, you should also remember to analyze your competition, check about the pain points and interests of your target customers, and research future trends in mobile banking & current trends in the Fintech business.
Here are some examples of added features that could make your banking app more valuable:
- Expense tracking
- Diverse notifications and alerts
- Personalized offers
- Automated savings
- Accessing account balances without signing in
These examples are just a few of the added features you can include in your mobile banking system. They are only confined by your budget, imagination, and technological capabilities.
Compile a list of the features you want in your MVP
After you’ve made a list of all the features you want to add to your mobile banking app, you will need to choose the most important ones for your MVP. There are a few techniques that can assist you with this. The prioritizing matrix, for example, allows you to rank features in order of priority.
When prioritizing features, you should take note that MVP is about more than just picking a few essential features; it is about making this functionality useful to your clients and assisting them in resolving their key problems.
Take care of the app design and user experience
After you’ve decided on the collection of features for your basic version, you can start your app design. When a client interacts with your mobile banking app, the first thing they check out is the design. Usually, the designer creates low-fidelity wireframes and layouts before moving on to creating a high-fidelity prototype.
Agree on the technology stack for your app
If you don’t have a specific technology stack in mind for your project, your software development partner should be able to assist you in selecting the most appropriate technologies.
Generally, based on the technology used, there are three types of mobile apps:
- Native apps
- Progressive web apps
- Hybrid apps
Each of the aforementioned solutions has its own set of benefits and drawbacks, so talk them over with your banking app development partner before making a selection. A hybrid app, for example, maybe an excellent alternative for developing a Minimum Viable Product and demonstrating the viability of developing a native app.
Make sure your app is safe
Money matters for people always bring the question – “How safe are mobile banking apps?” which keeps pondering on people’s minds. Everyone understandably wants to ensure that their hard-earned money is kept safe. Today, security is a barrier that every FinTech company must tackle in mobile banking.
There are a few measures you can take to strengthen the app security:
- Biometrics: This is a secure and convenient way to sign into mobile apps using biometric data such as your fingerprints, facial recognition, iris scan, and voice recognition.
- Dynamic CVC2: CVC2 is a three-digit bank card verification code that is generally static, but you can add the ability to change it to a random number once a day or once an hour, to strengthen the security of customer funds.
- Three-factor authentication: when authorizing and/or spending funds, three levels of protection are used – password, SMS, voice password, fingerprint, face, and/or iris scanning.
Get feedback and improve
The release of your mobile banking app is only the first step. You’ve designed your banking application up to this point based on what you believe is vital to your clients. Now you have far better guidance: real data from real customers who are using (or not using) your banking application.
Setting expectations and getting feedback are two constants in any Agile project. Your mobile banking app development becomes more strategic and less hypothetical as you obtain input from real market conditions and real clients. As a result, you may continuously enhance your software and gratify your consumers.
Conclusion
A FinTech market is unique, and creating a successful mobile app takes a lot of time and effort. However, if you work with a reputable mobile banking development partner and keep to the strategy, you can easily achieve your objectives.